Agriculture News
CCI ratings have declined for nine straight weeks for corn and six consecutive weeks for soybeans.
USDA cut its soybean crop estimate by 153 bu. from last month, whereas traders expected a 35-million-bu. reduction.
USDA reduced the national corn yield as expected, but trimmed soybeans a bushel more than the average trade estimate of 51.5 bpa in its release of the September WASDE.
Weekly export inspections for week ended Sep. 8 revealed wheat inspections above trade expectations; corn and soybean inspections continue to run ahead of year-ago levels.
Quiet, two-sided trade was seen overnight as traders awaited USDA’s reports later this morning.
Key for the corn production number will be the implied ear weight USDA uses.
Distillate inventories have plummeted as harvest looms...
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Corn and wheat futures posted solid corrective gains overnight, while soybeans built on Thursday’s modest gains.